Calculate the Monthly Payment for a 20-Year Mortgage on a $3.5

question 48

Multiple Choice

Calculate the monthly payment for a 20-year mortgage on a $3.5 million building at a 7.5% interest rate.Assume that the entire building is financed and that payments are made at the end of each month,starting at the end of the first month and ending at the end of the last month.

• A) $28,020.63
• B) $28,195.76
• C) $36,458.33
• D) $61,947.83

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